Oklahoma City metro area housing market is experiencing interesting trends in March 2023. The Real Estate statistics, collected by MLSOK, Inc. reveals some insightful metrics that homebuyers and sellers should consider. In this post, we will take a look at the market trends, including sales activity, median sales price, days on market, and inventory, to give you an accurate picture of the housing market in the region.
New Listings:
In March 2023, new listings decreased by 1.9% for Single Family homes, but it increased by 30.9% for Townhouse-Condo homes. Pending sales also decreased by 6.5% for Single Family homes and 4.2% for Townhouse-Condo homes.
Inventory:
Inventory increased by 93.6% for Single Family homes and 73.7% for Townhouse-Condo homes. This increase in inventory can provide buyers with a broader range of choices in the Oklahoma City Metro area housing market.
Months' Supply of Inventory:
The Month’s Supply of Inventory increased by 144.4% for Single Family homes and 100.0% for Townhouse-Condo homes. This means that buyers have more time to make a decision and are less likely to face bidding wars.
Median Sales Price:
The Median Sales Price increased by 4.6% to $250,000 for Single Family homes and 7.2% to $186,500 for Townhouse-Condo homes. This increase in median sales price indicates that the Oklahoma City Metro area housing market remains stable and continues to grow.
Average Days on Market:
The Average Days on Market increased by 70.4% for Single Family homes but decreased by 42.4% for Townhouse-Condo homes. This indicates that Single Family homes are taking longer to sell, whereas Townhouse-Condo homes are selling faster.
Sales Activity:
In March 2023, there were a total of 2,047 closed sales, which is an increase from the previous month of February 2023 (1,511). However, there is a slight decrease from the same month last year, March 2022 (2,381). The Total $ Volume also increased from the previous month, February 2023. The Average Price and Median Price for homes also increased in March 2023.
These Oklahoma City housing market trends show that the market remains stable and continues to grow. The increase in inventory, coupled with a decrease in pending sales, can provide homebuyers with more options and time to make informed decisions. With the increase in median sales price and total closed sales, sellers can be confident that the market is favorable for selling their homes.
The Average Days on Market for Single Family homes has increased, but it decreased for Townhouse-Condo homes. Buyers and sellers alike can benefit from the current trends and metrics in the Oklahoma City Metro area housing market.
Oklahoma City Housing Market Forecast 2023-2024
What are the Oklahoma City real estate market predictions for 2023 to 2024? The Oklahoma City housing market has been on a steady rise over the past year, and it is expected to continue that trend into 2023 and 2024. According to recent data from March 31, 2023, the average home value in Oklahoma City is $195,119, up 7.7% from the previous year. Homes are also going to pending status in just 10 days on average, indicating a highly competitive market.
Looking ahead to the forecast for 2024, the Oklahoma City metro area is expected to see a continued increase in housing prices. According to data from April 30, 2023, the region is projected to experience a 0.3% increase in home values by that date. By June 30, 2023, the forecast predicts a 0.2% increase, and by March 31, 2024, the projection jumps to a 1.2% increase in home values.
In terms of buying and selling trends, the median sale-to-list ratio in Oklahoma City as of February 28, 2023, was 0.997, indicating that homes are selling for almost the asking price on average. Additionally, 28.1% of sales were over the list price, indicating a competitive seller's market. However, 49.5% of sales were under the list price, indicating that buyers can still find deals in the market.
Another key metric to consider is the median days to pending status, which was 10 as of March 31, 2023. This means that homes are selling very quickly, and buyers should be prepared to act fast when a home they like becomes available.
Overall, the Oklahoma City housing market is expected to continue its upward trajectory into 2023 and 2024, making it a great time to buy or sell a home in the area. However, buyers should be prepared for a highly competitive market, and sellers should consider pricing their homes competitively to take advantage of the high demand.

Oklahoma City Real Estate Investment Overview
Should you consider Oklahoma City real estate investment? Many real estate investors have asked themselves if buying an Oklahoma investment property is a sound investment decision. Oklahoma City has seen steady growth in both its population and its economy over the years. With a low cost of living and a diverse range of industries, it's a great place to invest in real estate.
Here are some reasons why:
Steady Growth in Oklahoma City & Its Property Values
The city's population has grown by nearly 10% over the past decade, and it's projected to continue growing. This means that demand for housing is likely to remain strong, which should keep property values on the rise. In fact, the average home value in Oklahoma City has increased by 7.7% over the past year, which is a strong indication of the city's economic growth and stability.
Good Rental Market
Oklahoma City's rental market is also very strong, with low vacancy rates and rising rents. This makes it a great place to invest in rental properties, as you're likely to have a steady stream of tenants. The city also has a diverse range of industries, including aerospace, healthcare, and energy, which means there are plenty of job opportunities for renters.
As of May 2023, the average rent for a 1-bedroom apartment in Oklahoma City, OK is currently $895. This is a 6% increase compared to the previous year. Over the past month, the average rent for a studio apartment in Oklahoma City decreased by -4% to $832. The average rent for a 1-bedroom apartment increased by 5% to $895, and the average rent for a 2-bedroom apartment increased by 5% to $1,099.
It Is Landlord Friendly
Oklahoma City is known for being landlord-friendly, with relatively low taxes and minimal regulations. Landlords have the freedom to set their own rents and can evict tenants more easily than in some other states. This makes it easier for investors to manage their properties and generate a positive cash flow.
Landlords can evict a tenant in Oklahoma City for failure to pay rent, criminal activity, and material breaches of the lease. If the landlord wants to evict them for a breach of lease, a ten-day written notice is required in which the tenant has to solve the issue.
If they don’t, they can be given 15 days to leave. If a landlord wants to evict a tenant for nonpayment of rent, he or she must first give the tenant a 5-day written notice for payment of rent. If the tenant does not pay rent within 5 days, the landlord may proceed with the eviction of the tenant. The only exception is a criminal activity that poses a health or safety threat to tenants and those around them – you can evict someone immediately for that. This includes illegal drug activity in a unit. Eviction can proceed five days after failing to pay the rent.
Conclusion
In conclusion, Oklahoma City offers a great opportunity for real estate investors. With steady growth in its economy and property values, a strong rental market, and landlord-friendly policies, it's a great place to invest in real estate. Whether you're looking for a rental property or a fix-and-flip opportunity, Oklahoma City should definitely be on your radar.
There are pockets where you could tap into a large pool of renters such as around one of the many universities, though other neighborhoods are dominated by families that want more space but cannot afford to buy a home.
Buying or selling real estate, for a majority of investors, is one of the most important decisions they will make. Choosing a real estate professional/counselor continues to be a vital part of this process. They are well-informed about critical factors that affect your specific market areas, such as changes in market conditions, market forecasts, consumer attitudes, best locations, timing, and interest rates.
NORADA REAL ESTATE INVESTMENTS has extensive experience investing in turnkey real estate and cash-flow properties. We strive to set the standard for our industry and inspire others by raising the bar on providing exceptional real estate investment opportunities in many other growth markets in the United States. We can help you succeed by minimizing risk and maximizing the profitability of your investment property in Oklahoma City.
Consult with one of the investment counselors who can help build you a custom portfolio of Oklahoma City turnkey properties. These are “Cash-Flow Rental Properties” located in some of the best neighborhoods of Oklahoma City.
Not just limited to Oklahoma but you can also invest in some of the best real estate markets in the United States. All you have to do is fill up this form and schedule a consultation at your convenience. We’re standing by to help you take the guesswork out of real estate investing. By researching and structuring complete Oklahoma City turnkey real estate investments, we help you succeed by minimizing risk and maximizing profitability.
Some of the information contained in this article was pulled from third-party sites mentioned under references. Although the information is believed to be reliable, Norada Real Estate Investments makes no representations, warranties, or guarantees, either express or implied, as to whether the information presented is accurate, reliable, or current. All information presented should be independently verified through the references given below. As a general policy, Norada Real Estate Investments makes no claims or assertions about the future housing market conditions across the US.
References
Market Data, Reports & Forecasts
https://okcmar.org/
https://okcmar.org/mls-dept-info/mls-statistics/
https://www.zillow.com/oklahoma-city-ok/home-values/
https://www.littlebighomes.com/real-estate-oklahoma-city.html
https://www.redfin.com/city/14237/OK/Oklahoma-City/housing-market
https://www.realtor.com/realestateandhomes-search/oklahoma-city_OK/overview
https://www.neighborhoodscout.com/ok/oklahoma-city/real-estate#description
https://okcfox.com/news/local/oklahoma-forward-riding-the-housing-market-roller-coaster-during-the-pandemic
Rental Trends
https://www.rentcafe.com/average-rent-market-trends/us/ok/oklahoma-city/
https://www.rentjungle.com/average-rent-in-oklahoma-city-rent-trends/
Low volatility
https://smartasset.com/mortgage/best-cities-first-time-homebuyers-2017
https://www.bestplaces.net/compare-cities/tulsa_ok/oklahoma_city_ok/people
Cost of living, including rents
https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=United+States&city1=Tulsa%2C+OK&country2=United+States&city2=Oklahoma+City%2C+OK
Landlord friendly
https://www.avail.co/education/laws/oklahoma-landlord-tenant-law
Core to Shore downtown redevelopment
https://newsok.com/article/5571657/major-players-in-oklahoma-citys-downtown-development-to-speak-dec.-4
https://www.okc.gov/government/maps-3/projects/downtown-convention-center
Slow multifamily housing permits
https://www.greateroklahomacity.com/subresources/economic-indicators/